HP's Q4 earnings grew to $1.69b, or $0.60/share, from $416m, or $0.14/share last year, on sales of $24.6 billion, vs. $22.9b last year. To be fair, HP had $1.1b in restructuring costs last fiscal Q4. Excluding restructuring charges this Q4, HP earned $0.68, vs. analyst estimates of $0.64. Sales came in ahead of analysts polled by Thomson, expecting $24.1b.
CEO Mark Hurd is credited with controlling costs as the company expanded its share in key markets. Still, Hurd commented, "We certainly aren't taking any victory lap here." According to Gartner research, HP overtook Dell as the world's largest PC maker. And its FY2006 revenue of $91.7b surpassed IBM to become the world's largest IT company.
But there was a dark cloud over financial news as HP disclosed in a regulatory filing that the Securities and Exchange Commission has issued a formal order of investigation into the tactics used in the company's boardroom spying probe.
The Federal Communications Commission has also requested documents related to HP's effort to unmask the source of boardroom leaks to the media, and HP faces five shareholder lawsuits related to the investigation, according to the filing.
HP had previously disclosed that it was the subject of inquiries by the SEC, the U.S. Attorney's Office for the Northern District of California, a congressional panel and California's attorney general.
The Federal Communications Commission has also requested documents related to HP's effort to unmask the source of boardroom leaks to the media, and HP faces five shareholder lawsuits related to the investigation, according to the filing.
HP had previously disclosed that it was the subject of inquiries by the SEC, the U.S. Attorney's Office for the Northern District of California, a congressional panel and California's attorney general.
HP's shares closed 0.85% higher at $40.13, after hitting a 52-week high of $40.85 on Wed.
